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[SITUATION] · [QUIET] · [BUSINESS]

2 clusters · 4 sources · 29 days · First seen · Last updated

JoongAng Ilbo acquisition process

Overview

JoongAng Ilbo, which entered a corporate restructuring process following liquidity issues in June, is undergoing an acquisition process via a third-party allotment capital increase. In late September, six entities submitted letters of intent to participate in the bidding, including Global Sae-A Group, OK Financial Group, E-Broadcasting, and Geumbo Development. Notable potential bidders such as CJ Group and SM Group did not submit letters of intent.

By late October, a consortium consisting of CJ Group and Daou Kiium was selected as the preferred bidder, with a proposed acquisition price in the 500 billion won range. Shinsegae has since joined this consortium as a strategic investor. While Shinsegae is not seeking management rights, its equity investment is intended to create synergies between its lifestyle content and the media outlet’s assets. This development involves various branches of the Samsung family lineage, as both CJ Group and Shinsegae are descendants of Samsung founder Lee Byung-chul.

Entities

JoongAng Ilbo · Global Sae-A Group · Daou Kiium · Hana Bank · Lee Byung-chul

Timeline

  1. [BUSINESS] 2 sources
    Shinsegae joins CJ consortium in JoongAng Ilbo acquisition bid

    Shinsegae will join the Daou Kiium-CJ consortium as a strategic investor in the 500 billion won bid for JoongAng Ilbo, aiming for content synergies.

  2. [BUSINESS] 2 sources
    JoongAng Ilbo acquisition: Six bidders submit letters of intent

    Six bidders, including Global Sae-A and OK Financial Group, have submitted letters of intent to acquire JoongAng Ilbo via a capital increase to resolve its ongoing corporate workout.

Sources

biz.heraldcorp.com · gyominilbo.com · imaeil.com · sateconomy.co.kr